How long till 30 and 60 days late stop hurting my score?

[boober]

Hey everyone

I guess I'll make this brief as I can. My score used to be in the 750 range a few years ago. Maybe 4 or so. But thanks to the recession I fell behind a few times on my mortgage payments. Right now my score is only 646.

A large part of that is current oustanding CC debt. But also I'm wondering if part of it is my 30 and 60 days late on my mortgages as well. I want to try and refinance both properties  via HARP later this year, so I just want to get my scores back up into the 700 on up range.

EDIT : 1 thing I just realized and remembered. My score has been in the 640 range for going on at least the last year or so. Maybe even the last 18 months or so. So these late payments have gotta still be killing my score! Right?

I would hope to see a huge jump in my credit score within the next 6 months or so.

I have 2 homes, a primary and a rental.

According to my FICO report, here's the late payments...

The rental...

30 days late followed by 60 days late

3 times (Jan 2011, Nov 2009)

1 time (Dec 2009)

The primary...

30 days late followed by 60 days late

4 times (Sep 2010, Nov 2009)

2 times (Dec 2009)

[boober]

As you can see the most recent late payment is that 1 that was in January of 2011. A few of the others were over a year before that. Plus a couple were a few months before that also.

So I'm wondering if maybe the only 1 that really is bringing down my score is that 1 late payment from January 2011?

My most recent score report from today shows that my bank has reported to FICO as recently as February of 2013. So with that in mind, it's been just over 2 years of time that has passed with that last late recent payment.

Hopefully 6 months from now when I try to refinance, all of these late payments will no longer be hurting my score anymore? I hope....!

[jkwheaton78]

I cannot say how long the lates will hurt your score since I do not know, but I can say that I got some lates removed by sending them a goodwill letter and explaining the situation and I was able to get 2 30 day lates removed. 

[boober]

Thanks for the reply!

I actually have tried that 3 times and had no luck.

My bank is Bank of America. They truly are a horrible company to deal with. I think they enjoy screwing people over.

Their response each time I asked was that "they are required to report these lates" and that there is nothing they can do to remove them. Which as well all know is a load of crap.

[boober]

I just found the following info which was very informative,

Could be bad or good depending on the timing on everything for me though. Hopefully it will be good and enough time will have passed so that these lates can stop hurting my score.

 I'm like right around the window according to this info here...

http://www.cbsnews.com/8301-505145_162-37144297/late-on-your-mortgage-payment-heres-how-it-will-affe...

[tooleman694]

Those lates are having a minor impact on your score at this point.

What does your CC util look like.

[boober]

Thanks for the reply.

I have about 24,000 in CC debt. And that's on 5 cards and my limits for all 5 cards is around 19,000.

You're probably wondering how that can be right?

About 4 years ago I maxed out 3 cards, and was unable to pay them down due to the interest. So I called these banks up and they agreed to close them and set me up on a monthly payment schedule. So in the last 4 years or so I was actually able to pay off 20,000 in closed CC debt. I still owe around 5 grand on these old closed cards.

I plan on taking out a loan from my 401k in about 6 months to pay off almost all of the debt. I'm guessing when that happens in 6 months, I;ll only have maybe 4 grand in CC debt left to pay. Which I should be able to pay off a year from now.

I know, a huge mess but damn I'm finally about done paying it all off.

I make pretty good money. 70,000 a year and I've been with the same employer for going on 18 years. So I'm thinking that in 6 months most of my CC debt will be gone. Hopefully these damn late payments will stop hurting my scores, and my FICO will be back into that 750 range it was at for so many years of my life.

And then when all this is done I'll finally (hopefully) be able to refi both my properties via HARP, and get rid of the 6.5% rates I have on both properties. Both properties aren't to bad off. The rental is actually a little over market value. And my primary is a little under.

[tooleman694]

Yeah your util is really messed up. Once you get that fixed up your score will fly.

[boober]

That's what I'm thinking to. Based on various scenarios and different score simulators I've used, if I do in fact get down to the point where I only have about 4,000 in CC debt left in 6 months, my score will go from about 646 to around 720 or so. Not quite what I was hoping for but based on all my other info, I should be able to refi into a really low APR right for my 2 homes?

I was just hoping that my score could go up another 20-30 points more if these late payments are still hurting my scores...

[JM-AM]

You get that UTiL down you probably be right back in the 700's.

The lates still impact your scores, but less and less as time passes. Generally 30 and 60 day lates impact your scores most the 1st and 2nd year. Since a year and a half has passed it is minimally hurting your score.